Bank Muscat launches green finance scheme
Bank Muscat, in association with the International Finance Corporation (IFC), has launched Oman's first green finance scheme for environment-friendly homes.
The scheme will encourage customers to install solar panels on their rooftops and use solar energy for a large part of their household energy requirements. The installation of solar panels will be facilitated through the Sahim renewable energy project of the Authority for Electricity Regulation (AER), according to a press release.
The green finance scheme is intended not only to reduce energy costs and be environment friendly, but also contributes to reducing dependency on traditional sources of energy like diesel and natural gas thereby creating a sustainable future for the sultanate. The bank will thus serve as a lead catalyst in the sultanate to increase awareness on energy cost reductions and take strategic actions toward sustainability as well as promote sustainable consumer practices and decisions.
Abdullah Tamman al Mashani, DGM – institutional sales and product development at Bank Muscat, said, 'The green finance programme is aimed at providing credit facility to customers to encourage them to implement environmentally friendly initiatives. We have launched this programme in cooperation with the AER. The bank will extend credit to its customers to install solar panels on their rooftops and use solar energy for a large part of their household requirements. It will be implemented through AER's Sahim initiative and will greatly contribute to reducing energy costs and greenhouse gas emissions in the coming years.'
Bank Muscat is the first and only bank in Oman to launch a loan scheme that aims to popularise environmental-friendly initiatives. Under the new finance scheme, loans ranging from RO1,000 to RO25,000 will be given to eligible individuals at highly competitive interest rates subject to a maximum debt burden ratio of 50 per cent. Loans will be given under the scheme for a maximum of 5 years.
The sustainability strategy pursued by Bank Muscat is focused on delivering long-term benefits to the community and the nation. Leading by example is the forte of Bank Muscat as different initiatives make lasting contributions to the nation.
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